Lucid Group (NASDAQ:LCID) Trading 2.4% Higher - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were up 2.4% during trading on Friday . The company traded as high as $3.23 and last traded at $3.16. Approximately 22,915,253 shares changed hands during trading, a decline of 73% from the average daily volume of 83,367,266 shares. The stock had previously closed at $3.08.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada cut their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Tuesday, November 19th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, Lucid Group has a consensus rating of "Hold" and an average price target of $3.04.

Lucid Group Stock Down 0.3 %

The company has a 50 day moving average of $2.62 and a 200 day moving average of $3.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Insider Buying and Selling at Lucid Group

In other news, Director Public Investment Fund acquired 374,717,927 shares of the company's stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the acquisition, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This represents a -102.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 61.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC lifted its position in Lucid Group by 8.8% during the second quarter. Commonwealth Equity Services LLC now owns 174,677 shares of the company's stock valued at $456,000 after buying an additional 14,168 shares in the last quarter. Choreo LLC purchased a new position in shares of Lucid Group in the 2nd quarter valued at $66,000. Amalgamated Bank lifted its holdings in shares of Lucid Group by 12.5% during the 2nd quarter. Amalgamated Bank now owns 47,916 shares of the company's stock valued at $125,000 after acquiring an additional 5,337 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in Lucid Group by 40.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 195,661 shares of the company's stock worth $511,000 after purchasing an additional 56,594 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Lucid Group in the 2nd quarter valued at $69,000. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.